Russia To Cut Oil Output By 50,000 Bpd By End Of January - Energy Minister

Russia has started to cut oil production under the OPEC-non-OPEC deal, the current level of reduction is about 30,000 barrels per day (bpd) from the level of October 2018, and by the end of January it may reach 50,000 bpd, Energy Minister Alexander Novak said Friday

MOSCOW (Pakistan Point News / Sputnik - 11th January, 2019) Russia has started to cut oil production under the OPEC-non-OPEC deal, the current level of reduction is about 30,000 barrels per day (bpd) from the level of October2018, and by the end of January it may reach 50,000 bpd, Energy Minister Alexander Novak said Friday.

"We are reducing production since October. Our companies stated that they could reach a total reduction of about 50,000 bpd this month [January] compared with October2018. We could, probably, reach this figure, by the end of the month..." Novak told reporters.

Answering the question whether the current level of reduction is 30,000 bpd, the minister said: "A little more already. This is a preliminary figure, companies are working every day in this direction," the minister said.

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